High gas prices may have affected job growth

May 6, 2011 4:57:22 AM PDT
Wall Street will be watching as the April jobs report comes out Friday, and there are indications that high gas prices may be slowing the economic recovery.

But there could also be good news when it comes to the prices at the pump.

Some analysts say that gas dropped to a national average of about $3.50 a gallon for unleaded after 44 consecutive days of rising gas prices, which may have affected job growth.

This spring, rising gas prices weighed in on customers and companies and prompted some businesses to rethink their hiring plans. It is expected that the economy added 185,000 jobs in April and that the unemployment rate remained at a two-year low of 8.8 percent, down from the 216,000 jobs added in March.

On Thursday, crude oil prices sank below $100 for the first time since mid-March, possibly signaling a period of relief.